Jul 24, 2013

CLARION PARTNERS ANNOUNCES THE EXPANSION OF WESTCHASE PARK

NEW YORK, NY - Clarion Partners, a leading real estate investment manager, today announced the expansion of Westchase Park, a modern six-story, 272,361 square foot, Class A office property located in the prestigious Westchase District of Houston, TX. Westchase Park II will be a 300,000 square foot, Class A office building to be developed on an adjacent land parcel. The two-building complex, situated on a unique 15.2 acre site, is distinguished by a large water feature and a sculpture by Texas artist George Schroeder.

Westchase Park I was completed in 2009 and is 98% occupied. The property, one of the newest office buildings in the area, was awarded a LEED Gold designation for core and shell and a LEED Platinum designation for certain tenant improvements. Tenants enjoy high-end amenities including an upscale fitness facility, a conference center and several dining options.

Westchase Park II, designed to achieve LEED Gold certification, is scheduled for completion by year-end 2014. It also is expected to be six stories in height with best-in-class finishes and efficient 50,000 square foot floor plates. The new building, designed by Ziegler Cooper architects, will complement the existing structure and the two office properties are designed to be connected at completion.

"The Houston economy today is enjoying solid growth. Employment has been increasing," commented Chuck Kemp, Senior Vice President of Clarion Partners and the asset manager of Westchase Park. "We are proud of this property and excited about the expansion."

Westchase Park is located in the rapidly growing Westchase submarket, and offers strategic access to Houston's Westpark Tollway and the Sam Houston Tollway, both major transportation corridors. The property provides outstanding freeway visibility, with easy ingress/egress via the Tollway and Rogerdale.

"Based on the heightened demand in this area and the success of the existing Westchase Park building, we are pleased that Clarion Partners has elected to move forward with the new development," said Wade Bowlin, Executive Vice President and Managing Director for PMRG. PMRG's Wade Bowlin, John Spafford and Allie Hubbard will be leasing both buildings. PM Realty Group (PMRG), provides leasing and management services for Westchase Park I and will provide development services for Westchase Park II.

About Clarion Partners LLCClarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England, as well as a presence in Mexico. With more than $28 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.

About PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.